Ace investor Rakesh Jhunjhunwala's portfolio component Ion Exchange has delivered 100% returns in one year. Jhunjhunwala held 7.75 lakh shares or 5.29% stake in the firm at the end of December quarter last year. Jhunjhunwala bought the Ion Exchange stock for first time in 2007 end. He held 2.53% stake or 3,19,000 shares of the firm in the end of December quarter that year.
The share of water and environment management firm stood at Rs 640.70 on April 9, 2020. It has zoomed to Rs 1,276.20 today, translating into gains of 99.48% during the period. In comparsion, Sensex clocked 59.15% in one year.
The stock closed 1.30% lower at Rs 1276.20 against previous close of Rs 1292.95 on BSE. The small cap share has gained 40.77% since the beginning of this year. Market cap of the firm stood at Rs 1,871 crore.
Meanwhile, stock price of the firm's closest competitor VA Tech Wabag fell 1.36% at Rs 258.20 on BSE.
VA Tech Wabag share price has gained 25.28% since the beginning of this year and zoomed 200.41% during last one year.
In the beginning of March this year, Jhunjhunwala pared his stake in the water and environment management firm.
As per bulk deal data on BSE, Jhunjhunwala sold a little over 1.5 lakh shares at Rs 1,205.19, valuing the deal at Rs 18.17 crore. His firm Rare Investments offloaded 3.87 lakh shares at Rs 1,205.42 apiece, taking the total deal value to Rs 46.73 crore.
After the stake sale, stock of Ion Exchange touched an intraday low of Rs 1347, falling 4.01% on March 3 against previous close of Rs 1,403.20 on BSE. In Q3 of last fiscal, Ion Exchange reported a 10.13% rise in net profit to Rs 29.14 crore compared to Rs 26.46 crore profit in corresponding quarter of previous fiscal.
Operating profit climbed 13.70% to Rs 44.49 crore in Q3 of last fiscal against Rs 39.13 crore in corresponding period of previous year. Operating profit in Q3 of last fiscal was the highest in seven quarters.
On a quarter on quarter basis, the firm reported 8.13% rise in net profit from Rs 26.95 crore profit in Sepetember quarter of last fiscal. Earnings per share rose to Rs 20.48 in December quarter against Rs 18.59 in the corresponding quarter of previous fiscal.